Market News & Headlines >> Soybean Planting Intentions top Corn Intentions
The USDA Prospective Plantings report released on March 29 pegged both U.S. corn and soybean planting intentions below most trade estimates and below last year, but soybean plantings are still expected to surpass corn plantings for only the second time in history.
U.S. soybean planting intentions of 88.982 million acres fell short of trade expectations, which averaged 91.56 million acres in a range from 89.900-92.600 million. Soybean intentions were also down from last year’s final plantings of 90.142 million, but were still 956,000 acres above corn planting intentions.
U.S. corn planting intentions were pegged by USDA at just 88.026 million acres, compared with trade expectations that averaged 89.420 million acres in a range from 87.550-91.000 million and last year’s final plantings of 90.167 million acres.
The only other year in history that U.S. soybean plantings exceeded corn plantings was in 1983, when the infamous PIK (Payment in Kind) program caused U.S. producers to cut corn acreage by more than 26%. Producers planted 63.779 million acres of soybeans and 60.207 million acres of corn that year.